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Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
August 5, 1999
CDN trade symbol: GEYE
Shares issued: 6,621,080 • Fully Diluted: 9,715,996
Goldeye Explorations Limited (GEYE-CDN) is pleased to announce the results of BOREHOLE IP and DEEP-IP surveys completed on the Goldeye Zone of gold mineralization, an unclassified resource of 530,000 tons grading 0.13 ounces per ton. An analytical sampling bias attributable to 'nugget effect' and conjugate veins (flats), previously documented, has been reviewed, leading to the conclusion that previously indicated grades are probably low.
The BOREHOLE-IP survey indicates that the Goldeye zone is characterized by strong chargeabilities and resistivities over 400 metres horizontally and 400 metres vertically. Drilling indicates the zone to be 40 metres thick. The assays from hole GE-25 which reported 3.43 g/t gold over 9.3 metres (including 9.1g/t Au over 2.8m) are thought to be representative of the zone.
The DEEP-IP survey has successfully located two deep strong anomaly trends; the stronger of the two with an associated resistivity high correlates with the Goldeye Zone. The survey indicates the Goldeye Zone has a depth extent of 780 metres and a strike length of 400 metres. The anomaly source extends below drill hole BH-27's intercept of the Goldeye Zone at 500 metres indicating that the Goldeye Zone extends to depth. The second DEEP-IP anomaly, not yet drilled, is in the footwall 100 metres northeast of the Goldeye zone.
Deep-IP surveys over the Big Dome gold zones situated 1.5 km to the southeast of the Goldeye Zone, along the Tyrrell Structural Zone indicate that the high-grade gold mineralization intersected in hole G-98-9 (149.3g/t Au over 1.4 metres) and hole G-98-7 (9.2g/tAu over 0.9 metres and 6.4g/tAu over 0.6 metres) is also characterized by similarly distinctive, strong chargeability/ high resistivity responses over a 300 metre strike length. This will allow the strike & depth extent of the high-grade mineralization to be accurately tested by drilling.
Goldeye Explorations Limited is a Canadian junior exploration company using state-of-the art exploration technology on its four active projects in Ontario, Canada: the Gowganda Tyrrell township property, the Gold Rock project, the Sandy Lake project and the Maisonville project. Goldeye also participates in a joint venture in the Lac Rocher area of Quebec and is actively pursuing partnerships on all of its properties.